October 23, 2020
Institutional Property Advisors (IPA), a division of Marcus & Millichap, arranged the sale of the Premium Southwest Ontario Multifamily Portfolio, a collection of nine apartment assets totaling 1,024 units in Hamilton, London, and Sarnia, Ontario. The portfolio transaction value was $220.7 million.
IPA marketed the portfolio on behalf of Homestead Land Holdings Limited. The successful bidder was InterRent Real Estate Investment Trust & CAPREIT Apartments Inc.
“Over 98% occupied at the time of the sale, the portfolio was owned and operated by Homestead, Canada’s largest privately-owned apartment landlord,” said IPA senior managing director Aik Aliferis. “All the properties are located in markets with strong apartment fundamentals, high average household income, growing populations and strong employment hubs.”
He added, “Despite turbulent times the market has experienced due to the pandemic, this is one of the two largest portfolio sales across Canada this year and the third-largest dating back to 1999.”